ONLINE BUSINESS

Discussion in 'General Insurance Agent Discussions' started by rob1963, Dec 5, 2006.

  1. rob1963
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    rob1963 New Member

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    HELLO EVERYONE, I JUST TALKED TO A BROKER TODAY ABOUT SELLING POLICIES AND SUBMITTING APPS ONLINE. THE BROKER IS IN ANOTHER STATE AND BEING RELATIVELY NEW TO THE INSURANCE BUSINESS, I HAVEN'T HEARD OF DOING BUSINESS IN THIS MANNER. THE BROKER SAID HE WOULD INTRODUCE ME TO A COUPLE OF LEAD SERVICE COMPANIES THAT WOULD CALL ALL LEADS THAT I PURCHASE AND PRE-QUALIFY THEM TO THE BEST OF THIER ABILITY, AND IF THEY QUALIFY, THEY WOULD THEN DIRECT THE PROSPECT TO CALL ME DIRECT AND I WOULD THEN COMPLETE THE APP ONLINE AND 90% OF ALL POLICIES ARE ISSUED IN 3-5 DAYS. WITH A 240% ADVANCE ON COMMISIONS, IT SOUNDS LIKE A GREAT DEAL-IS THIS REAL? ANY ADVICE WOULD BE GREATLY APPRECIATED, THANKS, ROB
     
  2. somarco
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    somarco Guru

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    How much is this guy charging you to set you up with leads, etc? Who is the carrier? Why is he pre-screening and then turning over to you to fill in the app?

    Right now Golden Rule is the only carrier I know that is consistently approving cases in that time frame. They start you out at 15% commission with no advances.

    World can turn a case around quickly, sometimes in a week. Their IMO's will advance 6 months on a 20% (or sometimes higher) commission.

    Time claims 70% of their EASE cases are issued in days but I have yet to experience that. More like 6 weeks.

    How about hitting the caps lock button before you reply?
     
  3. rob1963
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    rob1963 New Member

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    Thanks for the reply, He is not actually prescreening, the lead service is, and the lead service charges $8 a lead and if they transfer the interested prospect to my cellphone, its an additional $10. Magically, all the carriers you mentioned are part of the gig. Also, I was under the impression that in order to do business in another state,(the Broker) you must be licensed in that state.
     
  4. Crabcake Johnny
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    Crabcake Johnny Guru

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    About 90% of my Assurant cases are issued within 4 days. 6 weeks?
     
  5. moonlightandmargaritas
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    moonlightandmargaritas Guru

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    Same experience with Assurant. If it's a nice clean case, they turn it around in about 48-72 hours (w/electronic app). Can't do much with them though, their rates are uncompetitive here.
     
  6. somarco
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    somarco Guru

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    I haven't written anything with Time (Assurant) in over a year. Decided to give them a shot after the RSD called me a few months back. Rates are not that competitive. I will show them when someone wants more flexibility than I can get with other carriers, or (now) when someone wants maternity. The new plans were not approved in GA until 11/1/06, and I do like the Max in addition to One Deductible.

    The first case sat in underwriting 2 weeks before they came back & asked for more information. The guy decided to pull his app.

    The second case went to APS. After a month (half of that Time, half the doc) the guy found a job and did not want the health insurance.

    Third case was a 35 year old male, slightly overweight, with HBP controlled by meds for 3+ years. They wanted an APS. After 6 weeks (10 days in underwriting after receiving the APS) they issued a counter offer.

    During that time I had to keep this guy on the hook, including encouraging him to pay another months COBRA premium, while waiting on Time to make up their mind.

    In January I am taking another application on a family where I know at least 2 APS's will be required. I anticipate 2+ months in underwriting, possibly longer.

    They are not winning any prizes in GA for competitiveness or turn around.

    Paul, good to see you back online. Missed your contributions.
     
  7. Crabcake Johnny
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    Crabcake Johnny Guru

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    Don't buy shared leads. Especially if you're new to this business.
     
  8. somarco
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    somarco Guru

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    This guy?

    Longterm Care Associates, Carlo Motta
    (480)314-9444
    scottsdale, AZ 85259

    Shared lead, $8.

    Pre-qualify, $10.

    Benefit to upline, priceless!

    I am still trying to figure out what the attraction is to an agent. You must think all you will get are laydowns that you can complete while sitting around a pool sipping margarita's.

    I got news for you. It doesn't work that way.

    If it did I would be recruiting like crazy and sitting around collecting overrides.
     
  9. somarco
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    somarco Guru

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    I think I have seen some of this guys solicitations before. Slick site.

    World doesn't have an online app although they promised one by years end. CGI is virtually out of the business and will be gone within 2 years.

    That leaves 2 carriers.
     
  10. producer
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    producer Expert

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    All I am saying is that... to the newbie who started this thread....dont get emotionally charged up about a deal that sounds to good to be true. Assurant will offer this guy a higher contract direct with them, and the only way to earn alot of money is through hard work, and focusing on your prospects best interest. You just cant answer your cell phone and process an application. Carlo is going to have this guy spending $500 per week to start up, and when he fails, Carlo is going to throw him away. He is a newbie, and not a seasoned, slick health agent.

    Do what you want...I know Carlo, and I just gave my 2 cents worth. If is seems harsh, or if you dont agree, then disregard it.

    John do the math, even you would agree that if you are paying for leads, then paying once again to have them transferred to you to the tune of about $18 per pop, you better be a real slick dude, and know your stuff, and know how to close, and retain the client. That takes a while to learn, and my advice is to not throw away your personal money learning how to do it.
     
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